SUBSCRIBE
PROFILE

European gas reserves fall below 50% as prices exceed $620

Gas prices in Europe have surpassed $620 per 1,000 cubic meters, reaching a level not seen in two years. At the same time, underground gas reserves have dropped below 50%, with withdrawal rates among the highest ever recorded for February. ##

Share:

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25£/month*

*billed annually at 99£/year for the first year then 149,00£/year ​

Unlimited access • Archives included • Professional invoice

SUBSCRIBE - 99£/year

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2£/month*
then 14.90£ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

The price of gas in Europe exceeded $620 per 1,000 cubic meters during trading on Monday, February 10, according to data from the ICE exchange in London. This is the first time since February 2023 that such a threshold has been reached, marking an increase of more than 4% in a single day. This price surge comes as European gas storage levels experience a significant decline, driven by sustained winter consumption.

A record-high gas withdrawal rate

Data from Gas Infrastructure Europe (GIE) indicates that underground gas storage levels in Europe have fallen below 50%, standing at precisely 49.99%. Since the beginning of the heating season, over 53.2 billion cubic meters have already been withdrawn, accounting for more than half of the reserves accumulated for the winter period.

Compared to previous years, the last withdrawal season ended on March 31, 2024, with a storage level of 58.44%, a record for this period. Currently, storage levels are 8.18% lower than the five-year average for this time of year. These reserves are not only lower than those recorded at the end of the last fall/winter season but also below levels observed at the end of the 2019-2020 and 2022-2023 heating seasons.

High consumption despite solid reserves

Despite the high withdrawal rate, total underground gas storage in Europe still amounts to 55.5 billion cubic meters, the fourth-highest level ever recorded for early February. However, the current rate of withdrawal remains exceptionally high, with February’s consumption ranking as the second highest on record for this month.

This combination of strong demand and declining stocks is contributing to the rise in European gas prices. The increased reliance on winter reserves and weather forecasts predicting a cold snap towards the end of the week may further support this trend.

Renewable energy and market impact

Gas price movements are also influenced by renewable energy production. In January, wind energy accounted for an average of 21% of the European Union’s electricity generation. However, this figure dropped to around 13% in early February, increasing reliance on alternative energy sources, including gas.

The interplay between energy demand, weather conditions, and underground gas storage levels remains a key factor in shaping market developments in the coming weeks.

##

  • Popular on energynews.pro
United States: winter cold drives up natural gas price forecasts
ACWA Power and Bapco Energies launch 2.8 GW cross-border solar project
ExxonMobil shuts down steam cracker in Singapore and redirects assets to China
Coal regains ground as profitability rises for US thermal power plants
Sound Energy launches gas production at Tendrara after six-month delay
China receives first Russian LNG shipment via sanctioned Beihai terminal
The Valera LNG carrier delivered a shipment of liquefied natural gas (LNG) from Portovaya, establishing a new energy route between Russia and China outside Western regulatory reach.
Hungary hosts TurkStream headquarters after asset freeze in the Netherlands
South Stream Transport B.V., operator of the offshore section of the TurkStream pipeline, has moved its headquarters from Rotterdam to Budapest to protect itself from further legal seizures amid ongoing sanctions and disputes linked to Ukraine.
Panama Canal sidelined as US LNG flows shift decisively toward Europe
US LNG exports are increasingly bypassing the Panama Canal in favour of Europe, seen as a more attractive market than Asia in terms of pricing, liquidity and logistical reliability.
IOC seeks spot LNG cargo for Dahej as Russian sanctions tighten
Indian Oil Corporation has issued a tender for a spot LNG cargo to be delivered in January 2026 to Dahej, as Asian demand weakens and Western restrictions on Russian gas intensify.
McDermott secures EPCIC contract for gas project offshore Brunei
McDermott has secured a major engineering, procurement, construction, installation and commissioning contract for a strategic subsea gas development offshore Brunei, strengthening its presence in the Asia-Pacific region.
Fluor and JGC deliver second LNG Canada unit in Kitimat
The partnership between Fluor and JGC has handed over LNG Canada's second liquefaction unit, completing the first phase of the major gas project on Canada’s west coast.
NOG acquires 49% stake in Utica gas assets for $588mn with Infinity
Northern Oil and Gas and Infinity Natural Resources invest $1.2bn to acquire Utica gas and infrastructure assets in Ohio, strengthening NOG’s gas profile through vertical integration and high growth potential.
Sanctioned Russian LNG vessel delivers to China’s Beihai port
China has received its first liquefied natural gas shipment from Russia’s Portovaya facility, despite growing international sanctions targeting Russian energy exports.
Brazil’s free gas market reaches 13.3 Mcmd with unprecedented industrial shift
Brazil’s natural gas market liberalisation has led to the migration of 13.3 million cubic metres per day, dominated by the ceramics and steel sectors, disrupting the national competitive balance.
Sasol inaugurates gas processing unit to supply Temane thermal power plant
Sasol has launched a new gas processing facility in Mozambique to secure fuel supply for the Temane thermal power plant and support the national power grid’s expansion.
Congo LNG reaches 3 mtpa and anchors the strategic gas axis between Eni and Europe
With the addition of Nguya FLNG to Tango, Eni secures 3 mtpa of capacity in Congo, locking in non-Russian volumes for Italy and positioning Brazzaville within the ranks of visible African LNG exporters.
JERA signs 10-year LNG supply deal with Torrent Power
Japan’s JERA has signed a liquefied natural gas supply contract with India’s Torrent Power for four cargoes annually from 2027, marking a shift in its LNG portfolio toward South Asia.
NEO NEXT+ becomes the UKCS’s largest gas producer with TotalEnergies and Repsol
The merger of TotalEnergies and Repsol’s UK assets into NEO NEXT+ creates a 250,000 barrels of oil equivalent per day operator, repositioning the majors in response to the UK’s fiscal regime and basin decline.
QatarEnergy steps up pressure on the EU in response to the CSDDD directive
Climate requirements imposed by the European due diligence directive are complicating trade relations between the European Union and Qatar, jeopardising long-term gas supply as the global LNG market undergoes major shifts.
Colombia: electrification could avoid $190mn in gas imports by 2030
A report forecasts that improved industrial energy efficiency and residential electrification could significantly reduce Colombia’s need for imported gas by 2030.
US oil activity slows as gas drives M&A rebound in 2026
Falling rig counts and surging natural gas demand are reshaping the Lower 48 energy landscape, fuelling a rebound in gas-focused mergers and acquisitions.
Nigeria unlocks $128 million to repay gas debts
The Nigerian government has approved a payment of NGN185bn ($128 million) to settle debts owed to gas producers, aiming to secure electricity supply and attract new investments in the energy sector.
Riley Permian sells New Mexico gas project for $111 million
Riley Exploration Permian has finalised the sale of its Dovetail Midstream entity to Targa Northern Delaware for $111 million, with an additional conditional payment of up to $60 million. The deal also includes a future transfer of equipment for $10 million.
Stanwell secures exclusivity on 1,860 MW hybrid energy project in Gladstone
Stanwell has secured an exclusive agreement with Quinbrook for the development of the Gladstone SDA Energy Hub, combining gas turbines and long-duration battery storage to support Queensland’s electricity grid stability.
US LNG profitability under pressure as domestic prices surge
The growth of US liquefied natural gas exports could slow if rising domestic costs continue to squeeze margins, as new volumes hit an already saturated global market.

All the latest energy news, all the time

Annual subscription

8.25£/month*

*billed annually at 99£/year for the first year then 149,00£/year ​

Unlimited access - Archives included - Pro invoice

START - 99£/year

Monthly subscription

Unlimited access • Archives included

5.2£/month*
then 14.90£ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.